Bequests
You can create or contribute to a permanent fund through your Will or through a trust agreement. Such charitable gifts are deductible for estate tax purposes. Here are some examples of how to fund your legacy: - Residuary Bequest:
in your will, you leave remaining property after payment of all debts, taxes, expenses, and other bequests, - Percentage Bequest:
the Foundation receives a percentage of the residuary estate, - Specific Bequest:
you designate a specific dollar amount or item of property, - Contingent Bequest:
you make a bequest to the Foundation upon a certain condition, such as in the event another named beneficiary does not survive you.
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To See Sample Documents:
We encourage anyone considering a bequest to the Foundation to personally, or through advisors, consult with the staff to ensure the language is correct, and that the Foundation can fulfill your wishes. (Remember: bequests to create named funds, as with every other contribution, must be at least $10,000.
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Retirement Plan Assets
You can name The Rhode Island Foundation as the designated beneficiary of a retirement plan [IRA, 401(k), 403 (b), etc.] for the same purposes listed above. This is an extremely tax effective way to make a charitable gift.
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Life Insurance
You can make a gift of life insurance to the Foundation in several ways, for example, by irrevocably designating the Foundation as the owner and beneficiary of the policy or by naming the Foundation as a percentage beneficiary of a policy on your life.
Each of these methods involves both logistical and tax considerations. Contact the staff to determine which is the best option for you.
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Life Tenancy
You can deed your real estate – whether personal residence, vacation property, etc. -- to the Foundation and continue to live in the property for the rest of your life. Again, deeding real estate during your lifetime involves both logistical and tax considerations. Contact the staff to determine if this is an option for you.
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